rehab loans: Buying Foreclosures with a Rehab Loan - 02/08/08 02:28 AM
Since working with HUD Homes, I found out about a neat program that allows homeowners to finance the cost of their repairs into their home loan.  It is called a Rehab loan. 
FHA offers 203(k) financing or also know as a "Rehab loan" enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.<!-- <cfoutput> --><!-- </cfoutput> -->  The repair amount cannot exceed $35k and must be at least $5k.  It can be used for single family dwellings or 1-4 unit dwellings. 
Repairs can range from structural damage to updating kitchen … (8 comments)

rehab loans: FHA is King Again - 12/23/07 12:24 PM
It's time to welcome the king of financing back to it's throne:  FHA.  With the demise of the subprime market, FHA is again the financing choice for first tiime homebuyers.  FHA stands for Federal Housing Administration and is under the umbrella of the U.S. Department of Housing and Urban Development.  FHA has been around since 1934 and guarantees the loan if the borrower defaults. 
Why FHA?  Homeowners need only 3% of the sales price for their down payment and can ask for the seller's to pay their closing costs.  FHA also offers Rehab Loans also known as 203(k) loans, which allows … (0 comments)